Fraud squad’s year-and-a-half long investigation set Soma Oil & Gas back £4.5m January 17, 2017 The fraud squad's year-and-a-half long investigation into Soma Oil & Gas cost the company £4.5m, City A.M. has learned. The Serious Fraud Office (SFO) opened an investigation into Soma in July 2015 following allegations of bribery and corruption before closing it in December last year. The UK company, which is chaired by former Tory leader Lord [...]
Rolls-Royce to pay £671m to settle corruption probes with three global fraud squads January 16, 2017 Rolls-Royce is in the final stages of locking down corruption and bribery probe settlements worth £671m in total with three authorities around the world, with the lion's share going to the UK's fraud squad. The British engineering company today announced today it has reached in principle a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO), [...]
Soma Oil & Gas probe set fraud squad back almost £60k, after investigation was dropped late last year January 15, 2017 The fraud squad’s investigation into Soma Oil & Gas set it back almost £60,000, City A.M. has learned. Answering a Freedom of Information request, the Serious Fraud Office (SFO) revealed it spent £59,912 on its investigation into the oil company, which opened in July 2015, following allegations of bribery and corruption. The figure does not [...]
Accused ex-Barclays trader was given no legal guidance by employer, lawyer says January 11, 2017 The lawyer for an ex-Barclays trader facing forex-fixing claims in the US has hit back at the trader's former employer for not giving him enough guidance on the law. Chris Ashton was late last night charged by the US Department of Justice (DoJ) with conspiring to fix prices and rig bids in the foreign exchange [...]
Libor trio to face confiscation orders next month, as hearing scheduled to begin in February January 8, 2017 Three ex-Barclays bankers who were found guilty last year of Libor-rigging offences now face being stripped of their property when they return to court again next month. When they were sentenced last July, it was also announced that Jonathan Mathew, Jay Merchant and Alex Pabon would face a confiscation hearing at a later date. City A.M. [...]
White collar crime crackdown expected in 2017, as UK prosecutors hone in on Bribery Act January 8, 2017 This year will see renewed efforts on clamping down on white collar crime, particularly as prosecutors chase convictions under the Bribery Act, experts have told City A.M. Prosecutions for bribery offences have been picking up pace ever since the Bribery Act 2010 came into force in 2011. Last year marked the first time a company was sentenced [...]
13 events that will change the world in 2017: Article 50, Snapchat’s IPO, more Libor trials and a vote on Heathrow January 3, 2017 2017 looks like it's going to be a busy one: we're looking ahead to some of the key business and political events already pencilled in for this year's calendar. 1. Supreme court to rule on Article 50 The Supreme Court is due to deliver its ruling on Gina Miller's case this month (Source: Getty) The Supreme [...]
RBS and Barclays among cartels of banks fined by Swiss watchdog for rate rigging December 21, 2016 The Swiss Competition Commission (Comco) has today fined a group of international banks 99m Swiss francs (£78m) over their involvement in four separate cartels, including some aimed at manipulating Libor. The largest element of the fine went to a group of four banks which Comco claims acted in a cartel to fix Euribor for various lengths of time [...]
The Airbus rival to the Boeing 777 just had its maiden flight November 24, 2016 Airbus' new jewel in its crown and rival to Boeing's well-known 777, the Airbus A350-1000, took to the skies for its maiden flight today. Europe's largest twin-engined passenger jet took off this morning at Blagnac in Toulouse France (at 10.42am local time just in case you were wondering). Equipped with specially developed Rolls-Royce Trent XWB-97 [...]
Fraud squad to ask for Barclays tribunal to take place behind closed doors November 20, 2016 The fraud squad will tomorrow ask for an employment tribunal for an ex-Barclays exec to take place in private, on the grounds it could compromise its ongoing investigation into the bank. Since 2012, the Serious Fraud Office (SFO) is currently investigating Barclays' handling of an emergency funding exercise back in 2008. As part of that, the fraud [...]